Fred Trump gets $10 million FHA government funding for Shore Haven

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On January 12, Fred Trump purchases property to build Beach Haven apartments for Navy personnel in Virginia Beach and was overcompensated with loans from the Federal Housing Administration. Fred Trump and his partner received at least $3.5 million more from the FHA than the cost to build his first two apartment complexes (Shore Haven and Beach Haven).

It was later found out that the FHA gave Fred Trump $10.4 million in funds for Shore Haven, his first FHA-backed apartment complex, but the money was divided amongst three separate land purchases as a loophole. There was a $5 million limit on government project financing.

The FHA was created in 1934 to ensure affordable housing for the growing population but changed course after World War II to enrich already successful builders.

Sources

FHA Investigation, page 52

Trump: The Deals and the Downfall by Wayne Barrett (Excerpt)

Photograph: Jack Smith/NY Daily News Archive, via Getty Images

May 20, 2021

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Dates on Trump File reflect when something happens, not when it’s first reported.

On January 12, Fred Trump purchases property to build Beach Haven apartments for Navy personnel in Virginia Beach and was overcompensated with loans from the Federal Housing Administration. Fred Trump and his partner received at least $3.5 million more from the FHA than the cost to build his first two apartment complexes (Shore Haven and Beach Haven).

It was later found out that the FHA gave Fred Trump $10.4 million in funds for Shore Haven, his first FHA-backed apartment complex, but the money was divided amongst three separate land purchases as a loophole. There was a $5 million limit on government project financing.

The FHA was created in 1934 to ensure affordable housing for the growing population but changed course after World War II to enrich already successful builders.

Sources

FHA Investigation, page 52

Trump: The Deals and the Downfall by Wayne Barrett (Excerpt)

Photograph: Jack Smith/NY Daily News Archive, via Getty Images

NOTE FROM TF

Some files are incomplete as the site is still young and Trump world moves fast. Please use the source links to read further if a topic interests you or if you doubt its authenticity. I plan to go back and build on every file in the future.

If there is content you’d like to add context to or something that should be corrected, please contact us by clicking here or email us at trumpfile@protonmail.com

Support The Site:

Donate Today

Donate Monthly

Keep Reading

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